4 Technologies That Will Transform the Workforce in Asia-Pacific
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The Asia-Pacific region has always been at the forefront of innovation, and new technologies are transforming the way people work and the skills required of employees, as well as the expectations of employers.
The State of HR survey reveals that HR professionals in Asia-Pacific are investing in technology, with artificial intelligence (AI)/machine learning (34.70%), HR management systems (24.86%), and cloud-based technology (23.77%) being the top areas of investment. The use of technology is aimed at improving efficiency and productivity, while AI is also used for resume scanning and other tedious tasks.
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Here are a few examples of the game-changing technologies that will have an impact on the APAC region in 2023 and beyond:
Artificial Intelligence (AI)
AI is one of the most transformative technologies that is changing the workforce across the Asia-Pacific region - not to mention the rest of the world. AI is already being used in a variety of industries and applications, from healthcare to finance and retail. China's Ping An Insurance is already using AI to provide personalized recommendations to customers.
"Technologies will drive the industry transformation and upgrading, which will reconstruct existing insurance business processes, as well as optimize and innovate products to provide a better service experience," says Zhu You Gang, Senior Vice President of Ping An Property & Casualty Insurance.
With the advancement of computing power and AI algorithms, Zhu expects insurance companies to better understand customer needs and risks, leading to the optimization and innovation of insurance products and better service experiences. One example is Ping An's "smart motor insurance claims" system, which uses image recognition technology, big data, and AI to streamline the claims process for minor vehicular accidents. With the development of semi-autonomous and autonomous driving, Zhu predicts that motor insurance loss ratios will drop sharply, leading to a shift in motor insurance liabilities from individual consumers to automakers and potentially resulting in a different insurance model.
In addition to improving efficiency and productivity, AI is also changing the types of skills that employers are looking for. Companies are increasingly seeking employees with skills such as data analysis, machine learning, and natural language processing. HR professionals need to keep a close eye on their talent pipelines to accommodate the changing digital landscape.
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Robotics
Robotics in the Asia-Pacific region is expected to reach a market value of US$43.7 billion in 2023. Governments across the entire region have invested heavily in AI research and robotics, offering tax incentives and high investment. They are driven by increasing demand for process automation, improved efficiency and productivity, and lower cost centers. Industrial robots are often used in the Asia-Pacific region owing to the dominant automotive industry and low-cost manufacturing units. One of Apple's primary contractors, Foxconn, has already started replacing more than half a million workers with a million robots, which resulted in some controversy.
In an article published by Digitimes all the way back in 2016, General Manager Dai Jia-peng of Foxconn's Automation Technology Development Committee explained the process and benefits in more detail. "In the first phase, Foxconn aims to set up individual automated workstations for work that workers are unwilling to do or is dangerous," Dai says. The second phase would streamline production efficiency, and the third would automate entire factories, reducing the human workforce to a minimum.
Robotic technology is expected to continue to grow in popularity across the Asia-Pacific region, as it can improve efficiency and productivity in a variety of industries.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR technologies are being used in industries such as retail, healthcare, and education. Several hospitals in Australia have started using virtual reality technology to train medical professionals in life-saving procedures. This technology, developed by Australian startup Vantari VR, has reduced training time from months to days. It covers 90% of medical procedures and delivers steps recommended by college guidelines.
Vantari VR's modules are part of doctors' core training and are delivered using a VR headset and laptop. The technology has been used in critical care at four tertiary hospitals in Australia, including Fiona Stanley Hospital, Nepean Hospital, Westmead Hospital, and Royal Prince Alfred Hospital.
"The ability to practice and learn life-saving procedures in virtual reality before having to perform these procedures on real patients is of great benefit. The cost of medical education in terms of infrastructure, equipment, and educator or student time is significant," said Dr. Robert Swart, the Innovation Lead at Fiona Stanley Hospital. "With virtual reality, you can provide the education in almost any area [such as] a small office space where one can load multiple different educational scenarios instantaneously without the need for equipment, mannequins, etc., and the learner can do self-directed education."
AR and VR technologies are expected to continue to grow in popularity across the Asia-Pacific region as they provide new ways to engage with customers, train employees, and improve productivity.
Blockchain
Blockchain technology is being used in industries such as finance, logistics, and healthcare across the entire Asia-Pacific region. According to analysts, the APAC Blockchain Technology Market will experience market growth of 54.4% CAGR during the 2021 to 2027 period.
In one example, Japanese securities and banking company SBI Holdings has made a strategic investment in Digital Asset, a New York-based enterprise blockchain firm, as part of a joint venture to launch a programmable money project called "smart yen" across East Asia, including Japan and South Korea. The smart money system will use Daml, Digital Assets smart contract language, and will allow for the automation of customer loyalty programs and incentives through smart contracts. The partnership aims to introduce programmable money to the Japanese market.
Smart yen will "make it possible to build a revolutionary, customer-oriented cash system by directly linking each individual customer loyalty program to deposits and fully automating the process of providing loyalty through smart contracts," says Yoshitaka Kitao, president of SBI Holdings.
Like AI, the use of blockchain technology will require workers to upskill significantly in the coming years.
How HR Can Prepare For The Tech That Will Change the World
HR professionals need to prepare for these changes by staying updated on the latest technological advancements, such as artificial intelligence, automation, virtual reality, and blockchain, and their potential impact on the workforce. They should build their digital literacy by gaining knowledge and skills in relevant technologies, including understanding how different technologies work, their applications in HR processes, and their potential benefits and risks.
Most of all, HR leaders should proactively anticipate how changing technologies may impact the workforce and plan for potential changes. This may include analyzing job roles and skills that may be affected by automation or AI, identifying opportunities for upskilling or reskilling, and developing strategies for workforce planning, talent acquisition, and talent management.
By preparing for the future, the entire workforce can remain agile and prepared, no matter what new technologies impact their operating environment.
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